New York — Wells Fargo vice-chairperson, Betsy Duke, will replace retiring chairperson Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. Sanger will retire at year-end, earlier than his previous plans to depart in April on reaching a mandatory retirement age of 72. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PwC principal, will join as an independent director on September 1. The board also detailed changes to four of its committees and said it would make more changes over time, trying to balance competing needs for directors with Wells Fargo experience and those with new perspectives on the company. Wells Fargo had long maintained a reputation as a well-run, highly profitable institution that managed to sell more products to customers than any of its big-bank rivals. That image was shattered nearly a year ago when it revealed th...
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